Chase
Chase First Banking
By Alex Compton · Last verified
A kid debit card with no monthly fee for qualifying Chase households
Insurance: Chase Bank (JPMorgan Chase, N.A.) is FDIC insured directly; standard $250,000 coverage
Account Terms History
A dated record of APY, fees and opening requirements. New changes append to this table; prior terms remain visible.
| Observed | APY / yield | Monthly fee | Minimum | Evidence |
|---|---|---|---|---|
| 2026-10-23 | None | $0 monthly service fee; other service fees may apply | None | Official account terms, scoped October 23 review →Scoped review confirmed parent-only funding, no direct cash/check/payroll deposits, age rules and conditional service fees; corrected the claim that overdrawing is impossible. |
| 2026-10-12 | None (does not earn interest) | $0 | None | Chase First Banking page and Chase Additional Banking Services and Fees →Reconfirmed $0 fee, ages 6-17, qualifying parent checking requirement, up to five accounts per parent and non-Chase ATM fees; updated ATM and branch counts and added the $400 purchase and $100 ATM daily card limits |
| 2026-06-11 | None | $0 | None | Archive record · no attached snapshotLegacy snapshot before event-level evidence attachments |
Primary-source verification log
Append-only evidence ledger- changed
Scoped comparison review: confirmed parent-only funding and age rules; corrected blanket free claims and guaranteed-decline wording. Full-record verification date unchanged.
Fields: tagline, features, pros, ourTake, termHistory
Chase First Banking product, FAQ and account terms → - changed
Guide check and targeted record correction: parent transfer funding only; no direct, check or cash deposits. Full-record October 12 date retained.
Fields: features, pros
Chase First Banking FAQ → - changed
$0 fee, ages 6-17, five accounts per parent, $3/$5 non-Chase ATM fees confirmed; ATM/branch counts updated and $400 purchase/$100 ATM daily caps added
Fields: features, atm, cons
Chase First Banking page and Chase Additional Banking Services and Fees →
Features
- ▸Parent-managed debit card for kids 6-17, designed especially for ages 6-12
- ▸Per-category spending limits, e.g. $25 at restaurants, $40 for shopping
- ▸Allowance scheduling and money requests kids send for parent approval in the app
- ▸Real-time purchase alerts and parent-set ATM withdrawal limits, within Chase caps of $400 a day in purchases and $100 a day in ATM withdrawals
- ▸Up to 5 First Banking accounts per parent; Chase closes the account if the child has not moved to another account by age 25
- ▸No overdraft fees, although a final transaction amount such as a restaurant tip can overdraw the account
- ▸Branch access at about 5,000 Chase locations when something needs a human
Pros
- +No monthly fee for First Banking; non-Chase ATM, foreign-currency and rush-card fees can apply
- +Funding and oversight live inside the Chase app parents already use
- +Parent-managed transfers and access to the Chase branch network for help
- +Up to 5 kid accounts per parent with no monthly service fee
Cons
- −Requires the parent to hold a qualifying Chase checking account (Total, Secure, Premier Plus, Sapphire or Private Client Checking)
- −Pays no interest and has no savings reward of any kind
- −Only the account-opening parent can fund or manage it; the other parent is locked out
- −Funding only via transfer from the linked parent Chase checking account; no direct deposits, cash deposits or check deposits
Our Take
First Banking fits existing Chase households that want spending rules, chores and scheduled allowance for a child. The account has no monthly service fee, but the qualifying parent checking account can have its own fees. Only the opening parent can fund or manage First Banking, and it cannot receive a child's paycheck or cash deposit directly. MONEY offers more funding options; Chase's advantage is its parent-controlled teaching tools. Compare the ATM and foreign-currency fees before using either card away from its fee-free network.
Best for: Existing Chase households introducing kids 6-12 to a first debit card
Open at Chase →Last verified 2026-10-12
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